Q: Could please explain the following statement regarding COTY shares.
Offeror has informed the Company that, including Shares delivered pursuant to notices of guaranteed delivery, the total number of Shares validly tendered into the Offer and timely delivered was 336,614,903. Because the Offer was oversubscribed, the number of Shares purchased from each tendering stockholder has been prorated to limit the aggregate number of Shares purchased to 150,000,000. Offeror has informed the Company that the final proration factor for the Offer is 44.56%.
I tendered my 200 COTY shares to be purchased at $11.65. Does the statement imply that only 44.56% of my shares will be purchased? And should I wait for the tendered shares to be purchased or should I just sell all 200 on the stock exchange? Thanks … Cal
Offeror has informed the Company that, including Shares delivered pursuant to notices of guaranteed delivery, the total number of Shares validly tendered into the Offer and timely delivered was 336,614,903. Because the Offer was oversubscribed, the number of Shares purchased from each tendering stockholder has been prorated to limit the aggregate number of Shares purchased to 150,000,000. Offeror has informed the Company that the final proration factor for the Offer is 44.56%.
I tendered my 200 COTY shares to be purchased at $11.65. Does the statement imply that only 44.56% of my shares will be purchased? And should I wait for the tendered shares to be purchased or should I just sell all 200 on the stock exchange? Thanks … Cal